Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:
SECTION 1. Notwithstanding any general or special law to the contrary, the city of Quincy may borrow certain costs of health insurance benefits for employees and retirees of the city incurred in fiscal years before 2003, upon the order of the mayor, and with the approval of the city council by a 2/3 vote as defined in section 1 of chapter 44 of the General Laws, an amount not to exceed $2,800,000, for such amounts and under such terms and conditions as the commissioner of revenue shall approve. Bonds or notes of the city issued to evidence this debt shall mature no later than June 30, 2007, and the amount of annual principal payments in any year on account of such debt, so far as issued, shall not be less than the amount of principal payable in any subsequent year; and such annual payments shall begin not later than fiscal year 2004. Any debt incurred under this section shall be outside of the debt limit imposed by section 10 of said chapter 44, but shall, except as otherwise provided in this section, be subject to said chapter 44.
SECTION 2. To the extent that the city of Quincy has not issued bonds or notes in the full amount authorized under section 1, the city, by order of the mayor and with the approval of the city council, and with the approval of the commissioner of revenue and subject to such terms and conditions as the commissioner may impose, may capitalize for purposes of section 23 of chapter 59 of the General Laws an amount not to exceed $2,800,000, and amortize such amount over a period not to exceed 4 fiscal years. The amount of amortization in any year shall not be less than the amount of amortization in any subsequent year; and such amortization shall begin in fiscal year 2004.
SECTION 3. This act shall take effect upon its passage.